Helped to crash the Energy Markets in the u. S. No one is you know driving flying well producing this thing but at the same time its important to note that the foundation of it was already there flawed so i guess were all celebrating or at least americans were celebrating Energy Independence and this economic a miracle it is worth noting that it. Did not didnt have the most Stable Foundation and of course for the whole thing to fall apart now in the Current Crisis just makes it. A good. Look at me. Now i think there were its criminal intent here ok im not going to be kind about it at all ok i mean using sanctions as a political weapon to prop up your own Energy Companies i mean that is just you know they need that that is just throws in the face of International Law and the entire concept of free trade here i mean this is this is anti free trade i mean to but to point weve never seen before. Or again that is what that is one of the basis of the anti bin is wailin problem policies an anti rand is to support american Energy Companies and the illusion the illusion of Energy Independence which is gone and it probably will not come back and then you have this cascade effect where these Oil Companies will run up what glenn was saying what theyre you know theyre going to default on these loans and its going to ricochet all the way through the Financial System hundreds of thousands if not millions of people are dependent on this thing on that part of the economy so this is that you know when that house of cards falls it falls patmos stop catastrophic glee and thats what were seeing right now with the rest of the economy spiraling down as well and thats why i said in my introduction i dont see any return to coronavirus for the for the Energy Markets here go ahead. Well indeed according to that american conservative was a logical politics that involved a situation and that article called the way that. They have the United States removed about 2000000 barrels a day or production. By imposing sanctions on vance oil and iran since 2018 you know that i think it was vice quite great there and its headlined. This is the beginning of the and all the u. S. Energy independence. Its all b. S. You know its all this that it was a mistake to war against you know poor people are important countries with economic sanctions you know these predatory drum you know it was also adequate and by he is anti east trade war because the trade war against china decreased the demand for oil so basically that youre montanas been going dahlan since 2018 and now hold the wire it killed it. So basically what we have in the United States now is and we want their. Industry insiders call tank tops you know when just a bargain all their war you want all the possible what we want for story of the oil can be a field during the next few weeks maybe months but you know i dont think that the reasons for it excludes it really material you know the European Union which if it had been indeed present in the interests of European Countries it would be very much interested in rational oil and gas by the European Union did everything to wreck the brought all solid steam and it didnt do any deal save north stream so when they were added states went. Just everyone in the north when the u. Was basically illegal pretty big legal sanctions on any companies that will help russia finish the broader basically of the e. U. And you are doing anything to stop the United States from doing that i dont need any money to provide you pushed a little bit the germans did push back and they made it very clear their position there would be dictated by washington but on the whole i agree with you here you know from the same article as scott ritter that demon was bringing up here on the i love this theres a line that really stuck out to me or Oil Contracts come in go big bad policy is for ever and a big thing thats really well put now i mean you know im the one hand its perfectly fine you want to have competitive advantage in advantage in the marketplace i get there and that there are consumers there and predictable others here but those that predatory nature of this its all its like karma coming back in a hard way because if these distortions of the market is made even worse and again of course we have to recognize we have the pen demick on time. But were demand is just flat lining all over the place so bad policy is forever in this case got headline. Its worth noting when we talk about policy because a lot of the problems behind this are physical in nature that is minus Interest Rates to be in helping to set up a lot of this say well this house of cards which is not collapsing if you dont mind at all not just in the u. S. But around the world now you see many countries moving in to minus Interest Rates or you know paying money to companies to borrow and spend and that we have of course dating into minus. Sort of negative oil prices in which its quite remarkable now were actually having Oil Companies have to pay. People to take the oil off their hands now this is quite ready quite an interesting thing because. The my mentioned there is no storage and more tankers are you know just hanging around the porsche looking for somewhere to live maybe i dont know what sorry and theres no demand theres no demand and as a problem so again in the economy if you have supply and demand theres no demand in a more diverse thing of course deathstar stop pumping out but the problem with a lot of oil wells especially with shale is you cant just simply turn off the well studies often have to fill it up with various chemicals its if you want to reopen them later on you might not to get the same profitability out of it if you can at all so its hard to just stop the pumps especially if they think its short term then its easier just to continue to rack up and sell it at a loss but i think the problem now is what will what will be the be the american solution to this i mean in a capitalist system what you really have is you allow a lot of these Oil Companies in the u. S. Hundreds of them to go bankrupt by having less supply the demand the prices will increase and other Oil Companies can survive but it seems. Forward United States for everything to stay seems to be simply be build them up print more money see if you can keep the party going on a little bit longer in order not at all because it was force but what youre saying blame it on the one hand you can see the cynic in me and you should be cynical in these days is that youre bailing out shareholders of these companies that have been underwritten by the taxpayer i mean the moment when is enough enough ok because this was a big get i get going to have Energy Independence i mean i believe in sovereignty here but the means of by the way they went through this process here is a as i said earlier is going to have a cascade effect all the way through the economy just to keep your friends that have shares in these companies that its very expensive you have to have High Oil Prices but at the same time you know you you have this tendency to want to. Not tendency to this drive to put your own oil on the market and demanding other people not participate in it again the most kind of anticapitalistic antitrade process you can imagine go ahead dean well i think its not their only market its and they nature of i mean they fear that theyre in that that states should not be using the oil from being a so our you know where by the will of what you know there was a lot of tropical forests in there and sometimes and theres a lot of oil in venice so it just makes sense to use it in the United States this a year is simply a nature of the same story with the European Union and the or ratio which is mostly basically russia you know they year they have the European Union which is basically a big you know stretch in the southwest and direction of being eurasia that they gear they have these peninsular is not to go into you the oil and the gas from the rest of the corner. Is absurd. Its against their laws of nature so when i hear this award Energy Independence its not about independence its about discriminating against congress. Yes you are right bailing out your friends who are producing quote using this very very controversial you can all with your freaking hope hold up on were going to go to one short break and after that short break well continue our discussion on the oil market stay with r. P. But i. Can. See yes. I was on the floor some things in my basket you know my brain. Has just come. And its time for us to go down to work since i was having children fever i didnt have any sense of say source now im going to lose you. Would you. Lose recently she has a little distance to. Live on simon is on the grounds of the reasons. I have to. Push myself because it is for me in the papers i got to. Go. Is your media a reflection of reality. In a world transformed. What will make you feel safe. Isolation or community. Are you going the right way or are you being led. By. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. For a mate in the shallows. As the us economy was booming growing numbers of people were made homeless. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of those who were not financially quality and the lack of Affordable Housing for a living minimum wage gave many people no choice. Thats been a problem with the city knows turn a return call the stay way almost. Consider that there is no answer because yes that requires resources the most vulnerable are abandoned on the streets to become the invisible cops. Welcome back to cross talk were all beings are considered im peter about a minute were discussing the global Energy Markets. Ok lets go back to me that glenn in in our slow week in the 1st part of the program we put a. Focus on whats going on with the oil price and demand and storage of its place a very Important Role in all this but how does this change american hegemony in the as we enter the post corona. Virus pandemic i mean there is a lot of people saying that that had to monic presence has been declining ever since its peak at the end of the cold war but now we have this because because energy has been a very key element in the in the unit polar moment for for the washington consensus then and now thats been pretty much blown out of the water i mean we have no idea where the Global Economy is going to go and anyone that says we know that they dont know what theyre talking about because we dont have an update a point see i mean every country isnt going in a different direction in trying to find solutions to a different rate of problems and theyre all intermingled right now but i mean this is something thats been going on ever since the peak of the unocal or moment and if the energy is not going to be such a powerful tool in the strategic tool box how does that change the trajectory. Of the unit polar moment that the americans are so proud of which seems to be a berry very much illusory today. Well. Youre right a lot of the problems we have today started about this competition for for global hegemony or primacy and energy obviously has a key. Key role in this well the main problem for the United States is that its a power in a relative decline and it bases insecurities on privacy that its global hegemony this could do you could make an argument for it probably wouldnt their main argument was from the early 1990 s. That if the u. S. Was simply dominates the world this could lead to more peace because you know destroy it this way large powers from competing against each other as actually having this concentration of power now. I was from the early 1990 s. The u. S. Olivier indicated this would be its main Security Strategy that is security through dominance and it was formalized and its a curative strategy in 2002 no problem obviously rising power stay they will have to be pushed back in order to maintain or to preserve. The problem over the last 2 years or has been done to us in relative decline so this makes the us a big threat to countries from china russia iran and though you know the European Union and the rising power is seen as a threat to this model of privacy so really the u. S. Only has 2 main actions that is one could begin to accommodate the other large powers and censorship the way in Strategy Global dominance or privacy and start to call it a more multipolar system or you can keep the party going a bit longer by suppressing rising power stuff means more investment in military force and this actually pushing back anyone who doesnt hold the line now. The problem with this strategy and always the latter is what appears to americas been following in its thing and if we keep things going a little bit longer but not only are there exhausting all their resources but you still have a multicolor d world forming the only difference now is countries like china russia iran this initially formed multiple or system in opposition to the United States because they all see the us their main threat trying to prevent their eyes now again obviously people be looking at the work in a country to predict how it will play out after this crisis but the crisis will probably put us in a very difficult Economic Situation so far the chinese appear to be able possibly to benefit to some extent. You know the information coming out about russia and the west is worth noting that over the past 23 decades russia has been while to take a. Been working to fix. The financial house in order. That all is dead and hes actually put in a very good situation to you know. To get through such a storm you can even are you that all this attention is also put to us our good russian a position where you can handle a very difficult situation suppose you are for example in the u. S. Where they made everything deficient to such an extent that they count there really such a sharp. Well ive always been a big fan of sanctions ok important substantive work its worked really well ok all right the breach ease and calm bear wasnt so good but now theyve got it up to speed ok i mean it just took a little bit of time ok in the capital across the economy and you know de mint one of the interesting things here is that when we look at how. The International System is changing is that it seems really interesting is it in the 1st part of the program we discussed energy in that in that tool in the in the tool box his tool box is is spent are being spent the Financial System is in chaos right now the dollar decline but theres only one thing that hasnt decline and thats military spending at the expense i would argue strenuously at the expense of infrastructure and what is what needs to be done in the us itself because because with the lacking a Health Care System that accommodates the entire population that deals actually with help and profit the u. S. Is going to suffer from that for a long time to come and so you have all of this holds a rate of issues coming to a head at home but at the same time you have enormous defense spending and that seems to be the the card that washington wants to play is that maybe they can be the same kind of financial powerhouse. Not the energy hedge im on but they have the military it seems to me that is the most brittle and probably the least forward looking i mean the International System is so complex now involving very quickly in ways that we dont even understand as we get through this pandemic relying upon the military seems like. A primitive way of looking at the International System it means were going to use force not International Law. Well youre exactly right and this is what russia has in other and against the in the. Our foreign minister Sergey Lavrov ceral its our time sad that we want to talk about International War and the United States and the European Union they want to talk about what they call rules based order which happens to be the sole called international or liberal or no. And theyre talking about hegemony and there was a very will die because of gaining their american conservative called please tell the establishment that us hegemony is all were where theyre off there then you know larry some basically said theyre doing that the states least its dominance you know its claim to dominance during the last 3 decades on the idea that they and what one can protect these International Liberal Order you know with out there this order would collapse well it is already a collapse in without the heads of states you know doing anything dramatic simply because it is order is unsustainable and what you describe very directly you know they fear there you are just mining your may give our stupid people a shoe new you dont spend 2 trillion dollars to fix you know though the da